KRS 393A.140: Deposit account for proceeds of life insurance policy or annuity contract.

If proceeds payable under a life or endowment insurance policy or annuity contract are

deposited into an account with check or draft -writing privileges for the beneficiary of the

policy or contract and, under a supplementary contract not involving annuity benefits

other than death benefits, the proceeds are retained by the insurance company or the

financial organization where the account is held, the policy or contract i ncludes the assets

in the account.